Generally Accepted Accounting Principles and A. Debit
Matric no: ______________ Group: _________ Attendance list no: _____________
Tutorial 1: Chapter 1, 2, 3
DUE DATE: 3 OCTOBER 2013
1. Accounting is a process involving the following activities, EXCEPT:
A. recording of economic activities
B. communicating to stakeholders
C. identifying relevant economic activities
D. guaranteeing profitability of business operation
2. A senior accountant working at the Account Department of Universiti Utara Malaysia is also known as:
A. a public accountant
B. a partner
C. a private accountant
D. an independent accountant
3. ________ is established as a trustee body and vested with the responsibility for the oversight of the accounting practice standards setter’s performance, financial and funding arrangements.
A. Malaysian Accounting Standards Board (MASB)
B. Financial Reporting Foundation (FRF)
C. Malaysian Institute of Accountants (MIA)
D. Malaysian Institute of Certified Public Accountants (MICPA)
4. __________________ requires detailed company’s financial information for operating alternatives, projection of income of a new range of products, and forecasts of cash required for planning purposes.
A. An inland revenue officer
B. A labor union leader
C. A tax agent
D. A company’s manager
5. If the liabilities of a business decreased by RM3,000 during a period of time and the owner's equity in the business decreased by RM20,000 during the same period, the assets of the business must have:
A. decreased by RM17,000 B. decreased by RM23,000 C. increased by RM17,000 D. increased by RM23,000
6. Known as the net worth of the business after all the claims owed have been settled, ___________ is/are also the residual value or rights of the shareholders.
A. assets B. liabilities C. owner’s equity D. revenues
7. Accountants and their staff who provide services on a fee basis are said to be employed in
A. not-for-profit accounting
B. managerial accounting
C. public
Tutorial 1: Chapter 1, 2, 3
DUE DATE: 3 OCTOBER 2013
1. Accounting is a process involving the following activities, EXCEPT:
A. recording of economic activities
B. communicating to stakeholders
C. identifying relevant economic activities
D. guaranteeing profitability of business operation
2. A senior accountant working at the Account Department of Universiti Utara Malaysia is also known as:
A. a public accountant
B. a partner
C. a private accountant
D. an independent accountant
3. ________ is established as a trustee body and vested with the responsibility for the oversight of the accounting practice standards setter’s performance, financial and funding arrangements.
A. Malaysian Accounting Standards Board (MASB)
B. Financial Reporting Foundation (FRF)
C. Malaysian Institute of Accountants (MIA)
D. Malaysian Institute of Certified Public Accountants (MICPA)
4. __________________ requires detailed company’s financial information for operating alternatives, projection of income of a new range of products, and forecasts of cash required for planning purposes.
A. An inland revenue officer
B. A labor union leader
C. A tax agent
D. A company’s manager
5. If the liabilities of a business decreased by RM3,000 during a period of time and the owner's equity in the business decreased by RM20,000 during the same period, the assets of the business must have:
A. decreased by RM17,000 B. decreased by RM23,000 C. increased by RM17,000 D. increased by RM23,000
6. Known as the net worth of the business after all the claims owed have been settled, ___________ is/are also the residual value or rights of the shareholders.
A. assets B. liabilities C. owner’s equity D. revenues
7. Accountants and their staff who provide services on a fee basis are said to be employed in
A. not-for-profit accounting
B. managerial accounting
C. public